Everyday Health, the online health content giant which filed to go public in March, but has been mum about its plans since, is withdrawing its offering. The company says it will instead take $20 million in new funding.

The decision is a blow to a digital media IPO market, which had finally been showing some signs of life over the last year. In recent months, Demand Media, Skype, and Tudou have all filed registration statements with the SEC and there has been buzz that some other players, including Hulu, aren’t far behind. But several companies that have gone public, including MediaMind, Motricity, and ReachLocal, have had disappointing stock market debuts.

Everyday Health owns a portfolio of 25 online health sites, including its flagship, EverydayHealth.com, dieting site SouthBeachDiet.com and RevolutionHealth.com. The company was created nearly two years ago when Waterfront Media merged with Steve Case’s Revolution Health Network.

The company says the new funding, which was led by Technology Crossover Ventures, with particpation from existing backers Rho Ventures and Scale Venture Partners, will be used for “strategic acquisitions.” It says it’s possible that the round will be increased to $50 million. The IPO was supposed to raise up to $100 million.